Seoul Food Startup Center Supports Startup Overseas Expansion... "Continuing the Hallyu Wave"

Graduated 70 Companies Over 3 Years
Last Year's Revenue 23 Billion KRW, Investment Raised 4.4 Billion KRW

[Asia Economy Reporter Hyunju Lee] The Seoul Metropolitan Government announced on the 19th that it will support overseas expansion for companies residing in the Seoul Food Startup Center.

The Seoul Food Startup Center is an incubation institution for agrifood-related startups and has graduated 70 companies over three years. These companies achieved results such as 23 billion KRW in sales and 4.4 billion KRW in investment attraction last year.

This year, the focus will be on overseas expansion. Support will be provided for participation in overseas company briefings and export consultation meetings in Singapore in April, Bangkok in April, and Guangzhou and Vietnam in September.

The center also plans to expand its capacity from accommodating 50 companies annually to 70 companies. At the same time, it will establish an 'Agrifood R&D Lab' equipped with specialized equipment for agrifood product development, such as self-quality inspection, to reduce socialization costs for resident companies and shorten product development periods.

Kim Euisung, Director of Economic Policy, said, "By shortening product development periods, we will introduce more products from the Food Startup Center to overseas markets and continue the Korean Wave trend in the food industry."